Business
Under threat from Trump, Wall Street banks wager they can fend off credit card price controls
The biggest U.S. banks show no sign of capitulating to President Donald Trump’s mandate to slash credit card interest rates, setting up a confrontation just as the president is expected to take the world stage next week at Davos.
Executives at JPMorgan Chase and Citigroup warned this week that rather than offering cards at a 10% interest rate, as Trump has directed should happen by Jan. 20, the banks would simply close many customers’ accounts.
“An interest rate cap is not something that we would or could support,” Citigroup CFO Mark Mason told reporters on Wednesday.
It would “restrict access to credit to those who need it the most and frankly would have a deleterious impact on the economy,” he said.
On Tuesday, JPMorgan CFO Jeremy Barnum indicated that the industry could defend itself in the courts if needed, saying “everything’s on the table” in terms of a response.
Trump, keen to address voters’ concerns over affordability ahead of midterm elections this year, began his broadside against banks in a late-Friday social media post by alleging that the industry was ripping off credit card borrowers. In media interviews and follow up posts, Trump has doubled down on his push and endorsed a separate bill that takes aim at the swipe fees paid by merchants.
But five days after the original threat, bankers and their lobbyists told CNBC that they have yet to receive any formal or written guidance from the Trump administration about the policy.
That gives some of them hope that the administration isn’t serious about pursuing the interest rate cap, according to industry insiders, who asked for anonymity to speak candidly.
Deal time?
While Trump has said banks that don’t comply on rates will be “in violation of the law,” there is currently no U.S. law capping card rates. A bill introduced last year that would cap rates at 10% for five years has stalled in Congress.
“We are legally compliant right now,” said one person with knowledge of a large card issuer’s operations.
Barring legislation, which is not likely, the industry will either dodge the caps entirely or be forced to offer concessions, similar to how Trump dealt with the pharmaceutical industry, Wolfe Research analysts led by Tobin Marcus said Tuesday in a note.
“We continue to view the drugmakers as the case study in how this kind of dealmaking-under-threat could go,” Marcus said. “In that case, Trump had enough leverage to secure some new pricing commitments, but not enough to extract truly painful commitments.”
The financial sector is keenly focused on two upcoming events for a sense of how the credit card battle will unfold, sources tell CNBC.
The first is Senate meetings this month where bills being worked on could see the addition of Trump’s rate cap or the push to limit interchange fees. But that path is murky, given that several Republicans, including House Speaker Mike Johnson, have already indicated they wouldn’t support price controls on credit cards.
The other looming date is next Wednesday, the day after Trump’s Jan. 20 deadline. That’s when Trump will address leaders from the corporate and political realms at the annual World Economic Forum in Davos, Switzerland. U.S. Treasury Secretary Scott Bessent and CEOs including JPMorgan’s Jamie Dimon are also scheduled to attend.
At last year’s Davos conference, Trump surprised Bank of America CEO Brian Moynihan by accusing him and Dimon of discriminating against conservatives when it comes to access to bank accounts.
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On International Women’s Day 2026, Equirus Wealth reports Indian women investors’ shift from fixed deposits and gold to equity mutual funds.
Women investors are steadily reshaping India’s financial landscape, with rising participation in stocks, mutual funds, and digital investing platforms.
On International Women’s Day 2026, a key trend of behavior change among female investors has emerged over the past five years, particularly in their investment choices across various financial products. Women are now more confident while investing in high risk but rewarding equity market, as the portfolio allocation in equity mutual funds surged from 10 per cent to 32 per cent, while down from 40 per cent to 20 per cent in Fixed Deposits (FDs).
The five-year study on women investors and relationship managers was conducted by Equirus Wealth Limited, and was published in a report titled “Expanding Horizons: Changing Wealth Management Behaviours of Indian Women – Qualitative Analysis of Investor Evolution Across Age and Affluence.”
The study reveals that women investors are increasingly moving away from episodic product purchases such as fixed deposits, gold and property towards diversified, allocation-driven portfolios anchored around long-term financial goals.
This reflects the major behavioural change from ‘safety-first’ investing to allocation-driven portfolio strategies.
Female Investors Adopting AI Cautiously
According to the report ,Artificial Intelligence may dominate global investment conversations, but Indian women investors are adopting it cautiously. They are using AI primarily as research and learning tool rather than for autonomous investment decisions.
Not Panicking During Corrections
Another interesting thing being revealed by the study is that 70-90% of investors hold or review their investments during market corrections rather than exiting in panic, showing maturity during market cycles.
At the same time, around 55% selectively add capital during market dips, reflecting growing conviction and a longer-term approach to investing.
Rise of “bucket investing”
Investors are increasingly dividing portfolios into buckets like safety, growth, liquidity and legacy instead of buying random financial products.
Risk is no longer seen only as loss of capital.
Investors now also consider inflation, goal failure, and portfolio drawdowns as risks.
75–90% are discussing intergenerational wealth transfer and financial discipline for the next generation.
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March 08, 2026, 14:14 IST
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Gold is sold at a discount in Dubai due to Middle East conflict disrupting flights. Traders offer up to $30 per ounce less than London prices.
Dubai Gold Selling Cheaper As Iran War Grounds Flights
Gold is being sold at a discount in Dubai as the widening conflict in the Middle East disrupts flights and hampers the movement of bullion from one of the world’s key trading hubs.
According to a Bloomberg report, traders in Dubai are offering discounts of up to $30 per ounce compared to the global benchmark price in London. The unusual price cut comes as shipments remain stranded due to flight disruptions triggered by the escalating conflict involving Iran and Israel.
Dubai is a key global centre for refining and exporting gold to markets across Asia, including India. However, partial airspace restrictions and heightened security risks have slowed the movement of bullion out of the region.
Why Gold Is Being Sold Cheaper
Gold is typically transported in the cargo holds of passenger aircraft. With several flights from the UAE restricted amid regional tensions, traders are struggling to move bullion to international markets.
At the same time, insurance and freight costs have surged, making shipments more expensive and uncertain. Many buyers have therefore stepped back from placing new orders, unwilling to bear high logistics costs without assurance of timely delivery.
To avoid paying prolonged storage and financing costs while shipments remain stuck, some traders are offering gold at discounted prices.
Although transporting bullion by road to airports in neighbouring countries such as Saudi Arabia or Oman is theoretically possible, logistics firms are reluctant due to the risks and complications of moving high-value cargo across land borders during a conflict.
What It Means For India
India, one of the largest buyers of gold shipped from Dubai, could face short-term supply disruptions if the situation continues.
Renisha Chainani, head of research at Augmont Enterprises Ltd., said several cargo shipments have already been delayed, creating temporary tightness in the availability of physical bullion in India.
However, industry experts as reported by Bloomberg say the immediate impact may remain limited as domestic inventories are currently comfortable after heavy imports earlier this year.
Chirag Sheth, principal consultant for South Asia at Metals Focus, said Bloomberg that India has ample stocks for now, but warned that prolonged disruptions could eventually affect supply if the conflict continues for several months.
Meanwhile, global gold prices have surged this year amid geopolitical uncertainty, with spot gold recently trading above $5,000 per ounce.
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March 08, 2026, 10:03 IST
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Some seven in 10 British adults without a full driving licence say learning to drive is currently unaffordable, according to a survey.
The figure is even higher among younger people, with 76% of 18 to 29-year-olds without a licence saying driving lessons are financially out of reach, the poll for car insurer Prima found.
Overall, 38% said the cost of driving lessons was the biggest deterrent to learning to drive.
Some 32% were put off by the price of buying a car and 15% said the cost of car insurance was the main barrier to learning to drive.
Almost half (45%) said they would consider learning to drive if it became significantly cheaper.
Nick Ielpo, UK country manager at Prima, said: “For a growing number of people, driving is no longer a symbol of freedom – it’s a financial stretch too far.
“Between lessons, buying a car and insuring it, the upfront and ongoing costs are pricing many people out before they even start.”
Find Out Now surveyed 1,134 adults who do not hold a full driving licence between January 21 and 23.
Left-Handed People Are More Competitive, Says Science
Women’s Day 2026: Female Investors Cut FD Allocation From 45% To 20%, Boost Equity Funds
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